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talked about that ubs story. that's a massive, massive fine. one of the biggest banks here in europe. yes, there have been a lot of press speculation about the side of the fine, but it's three times bigger than the fine ba barclay's was fined. ubs also admitting to criminal wro wrongdoing in japan. >> how are global markets doing at this hour? >> well, actually global markets are up. they're cheering, you know, the fact that there could be a fiscal cliff deal between democrats and republicans. look, we've got european markets close to year highs, the cac and dax at 52-week highs. this is more related to the expected aggressive monetary easing by the boj, but even the u.s. markets, the s&p 500 at a two-month high. >> i'm curious, we never really know how the fiscal cliff conversation plays out overseas. is it something that moves the needle in the markets in europe and asia? >> absolutely it does. given that, you know, in terms of european risk, everything pretty much done and dusted. we don't have much more european event risk until the end of the year, this is what we're focusing on. eve
risk factors related to u.s. and china and europe. and fiscal cliff issue in the u.s. is one of top concerns. that's, i think, just a matter of time. obama administration will be able to overcome the difficulty of this situation sooner or later. so i don't care about it. and regarding china, china economic trend is another big concern. but, we think china has already achieved soft landing. >> so he's optimistic about those risk factors and he expects the nikkei to hit 13,000 by this time next year. so we'll keep you updated on the markets as we move into 2013. >>> for most investors this is also the last trading day in currencies in tokyo. the dollar continues to gain strength against the yen. $buying intensified during the day sending the u.s. currency above the 76 yen level. dollar changed hands at its highest levels in two years and five months. it's now nearly ten yen higher than at the beginning of this year. the yen has been losing strength since october. that's because the market speculation, the bank of japan would take further monetary easing measures. the yen came under pr
is good but we have been held back by the negativism by the fiscal issues europe and the u.s. >> susie: you told me there were oil and gas americ mergersu think that tech could be an air yeah wirarea. what kind of gived guidelines can you give to investors so they can take advantage of these trends. >> there is a huge boom inenergd healthcarhealthcare in particule new healthcare system is going to be a lot. you have to look at companies that have had success but need more capital to get to the next level. exploration and production companies and energy that have done well and need capital. you can raise it or you can join forces with somebody else. very often the decision is to merge and not raise capital and take that risk. >> susie: and in tech what should they look for. tech is such a huge area we have a few seconds left what are your thoughts? >> look at the base companiesan. the kind of service that's county of victoria to their -- o their base line services. >> thanks bob, have a greatweek. bob pr profusek. >> susie: the price of gold fell slightly today, as the fiscal cliff dram
on, what has been going on in europe for a long time. dwindling religious interest. is that finally coming to the united states after 50 years of prediction? >> i think what is interesting to me this year is how much more visible secularism is. or nonreligion or unbelief. traditionally we think of churches and synagogues and mosques and we never think of this group of people, as kim said, have no interest in it. and it always seemed that they are a fairly small group, kind of on the edges. there is a study that came out this week that said unbelievers, and the religiously unaffiliated are the third largest group in the world. there are as many unaffiliated people in this world as there are catholics. it is a giant mental shift to realize the religious landscape we thought we knew is much different, i think. >> and i think your point is really interesting. we americans have resisted those trends that we saw in europe over several generations. and i don't think we have a clear answer yet. are americans becoming more european secular in their approach to religion? but it is a first tim
in europe. but many small investors have missed out on the market's gains this year. on the whole, they've taken money out of stocks, and put it into bonds. >> small investors have become dubious of equities because essentially from 1999 until the beginning of this year, there was no return on equities. they feel they're at a disadvantage to institutional investors and computerized trading. the economy has been lackluster. >> reporter: some of the most aggressive stock buyers have been institutional investors and hedge funds-- searching for ways to make money in a low interest rate environment. many international investors also bought us stocks-- seeing them as more attractive alternatives to investments in emerging markets and europe. >> stocks won by default. it was the last remaining standing asset where you could get some dividend yield. where you could get a little bit of earnings growth. and where quality companies could deliver you a higher ann tt jthinpuusurttg urtn than just putting your money in cash or bonds. >> reporter: some of the credit for the rally also goes to u.s. co
taxes have done in europe and southern europe. france and germany about going into recession. japan is already in recession. why apply the poison here. you don't put it on taxes on the economy and why put poison in the patient. i don't get it. >> i'm not for tax hikes or anything, but if you kick the can voters are never going to be ready to reform or pay for entitlement reform. don't do entitlement reform. it took two years for reagan to do entitlement reform. sell by date is long past due on these measures to fix fiscal problems. the problem is we're in economic era of falling expectations and that has to stop. >> if we kick the can for six months that gets us to midterm elections? >> yeah, but the flip side of the argument you can pass a lot of bad bills. nancy pelosi, let's pass the healthcare bill so we can see what is in it. the big thing that we need to concentrate on is getting back to 3% growth. this 2% growth, all of our fiscal problems are going to get worse. we only have a prayer of supplying more jobs, bringing down unemployment and braying down the deficit if we have 3
. the dollar has been lower. they have talked about the gains that we have been seeing over in europe. the euro top 50. that is very interesting, as well. this is the environment. it bodes very well. another winning day here on wall street. drug stocks, bank stocks doing well. the vix, the fear index, is to the downside. let's take a look at urban outfitters. taking a look at their quarterly sales. they are looking better than expected. under their umbrella is a name brand that a lot of the teenagers know very well. they had a good block friday. urban outfitters is up over two dollars. back to you. connell: as we get close to this fiscal cliff, both sides agreeing to get serious. we have heard the house speaker will update us on the talks within that hour from house floor. we will hear what speaker banner has to say. joining us right now are to congressman. would you vote if there was an agreement? >> i think it will be a balanced plan that will increase revenues by raising the rates on upper income families, but, at the same time, agreeing to substantial cuts. connell: the reason i started by
losing month in nine years for mcdonald's, but they're doing well for breakfast and in europe. lori: thank you as always. melissa: president obama had to try to seeking more support for the fiscal cliff plan. peter barnes is here with the latest. >> just over an hour they will speak at a diesel engine plant persoextending tax cuts for fedl tax workers. keeping up the pressure on republicans to cave on taxes after the president and speaker john boehner met at the white house yesterday in a spokesperson said discussions with the white house are taking place, but we have no details to share about the substance of those conversations. they say perhaps the best strategy for them is to accept some higher tax rate the president is demanding, get that off the table and combat entitlement reform early next year the president can work for increasing the debt ceiling. republicans will have a little bit more leverage. speak a lot of people putting forward a theory, and i think it has merit for you give the president to 2% increass he is talking about, the rate increase on the top 2%, so there i
? it is africa. the route is from south america to africa, to europe. where is the new al qaeda organizations? where are they budding? where are they really being troublesome? witness benghazi, northern and western africa. that's where we fear al qaeda is taking root. what is the biggest fear? biggest fear is al qaeda northern africa and western after africa will become drug dealers. part of that cocaine movie in south america to europe getting the proceeds and thereby funding their terrorist activity. jump cut to this case involving these three men from maly. operating in maly and ghana. our d.n.a. informant contacts one of the local thugs who is said to have some association with al qaeda and says hey, guy, i have got a coke deal. i have got to get cocaine, tons of cocaine from south america here to maly and guana and south africa and up to europe. you al qaeda help me. you al qaeda will become part of my drug empire. >> operation. >> so what happens is the guy was not an actual drug dealer. he was a sting, a dia operator. the main contact point the guy thought to have some communication wi
at what's been happening in europe, you'll see a similar story there. actually a little stronger gains. in france, the cac up by about two-thirds of 1%. in germany, the dax up by 0.4% and ftse in london is up by a quarter percent. in asia overnight, you did see the hang seng down by about 1.2%. shanghai composite down, as well, down by 1%. in consider rea, the kospi up by 0.6%. oil prices have been a little weaker. down by about seven crept cents. and ten year note yielding 1.61%. that's been stuck in a tight range for quite a while. take a look at the dollar this morning. you'll see the euro at this point is still above 1.30, 1.3029 even though the dollar down across the board. dollar-yen at 82.10. gold prices this morning are up by about $8. as the fiscal cliff approaches, we're wondering what we can expect from the markets. our guest hosts again barry knapp and richard bernstein. barry, you're concerned about the direction the talks have taken. >> yeah, it's interesting as i actually traveled through europe last week, there is all this focus on the timing of getting a deal. but ther
over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they are doing well economically because they cut, not just cut spending in the washington sense of increasing it at a slower rate they spent less one year after the other and now they are out of the trouble. if you understand the right definition of austerity is the way to go, the problem is in most of europe it means higher taxes, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting the links. this is a photo from last year. what we don't know what was said teen them this year
idea what he was saying. turner traveled throughout britain and europe. often on foot, carrying a paintbox, he sketched and painted lyrically beautiful landscapes that changed the face of british art. when he died in 1851, he was one of the wealthiest and most famous artists in britain's history. throughout his career, he was always well aware of the key to his success. (reader) "the only secret i have got is damned hard work." (narrator) turner's life and career began in london. by 1788, at the age of 14, j.m.w. turner was apprenticed to an architect as a draftsman. architectural views appeared in his works throughout his life. the next year, turner entered the royal academy of arts school at somerset house. its president, the painter joshua reynolds, endorsed the prevailing view that ranked paintings in a clearly defined hierarchy. history painting was considered the noblest because it could portray events drawn from historical incidents, literature, the bible and mythology. genre painting, scenes from daily life, came next because they also offered examples of virtue to inspi
and nuclear weapons. it will result in weapons ownership. look at europe. look at japan. look at the rest of the world. we are way, way out there. we have the highest murder rate in the world. it hasn't protected us. it has resulted in arguments that should have a consequence of maybe a slap in the face, resulting in a bullet through the heart. it results in a double-murder in this case, a murder/suicide. guns don't protect. they cause suicide. >> let me bring in -- >> they cause suicide? >> i can promise, i'll get back to you, carol. here is what they say to me. i've had it all. but trying to get a debate going. i've been on two years on cnn. in that time, there's been a series of gun rages. each time it is the same debate and nothing gets done about it. 300 million guns and you have between 11,000 and 12,000 guns and murders a year. by comparison, britain has 35 as does germany and australia. japan has one or two. to countries that have strict gun control have very little gun murder. what do you say to americans who say it makes me feel safe? >> i think carole had it right. she said it
the way europe has been growing, we will have a small consolidation, such as the small consolidation proposed by the president. if you want to have the kind of growth that i hope we can have with a bigger consolidation, that one is being proposed by speaker boehner. >> thank you. >> i would like to focus on something that is probably more of interest to the economists and ordinary people. let's talk about ratios. what i heard you lay out, dr. zandi, was more of an ideal situation. they get you at roughly at $3 trillion. deficit-reduction over the course of 10 years. you went on to add the $1.20 trillion over last year's negotiations on the debt ceiling. the negotiations over last year's debt ceiling -- the new number would really be 1-1. that is not actually my question. i want to get to now. we have looked at the president's offer. we haven't found any spending reductions at all. we found the $1.6 trillion tax increases. the stimulus spending,we saw the extension of the unemployment insurance, which is an increase in spending. the delay in the spending cuts whatsoever. do you think
rating. i've warned you over and over about the economic storm headed our way partly because of europe and this fiscal lif, but i've also told you about an american economic renaissance that could be just ahead. just beyond the storm clouds. the fiscal cliff is fixable, but every day washington fails to make a deal, more damage is being doing. john king, ken rogoff and diane swan, chief economist at mezaro financial. john, right now, this is more politics than the economy. some people are saying don't sweat it. the threat of going over the fiscal cliff is overblown. it will get done. an 11th hour deal. john, as you read the politics at play, what do you see? >> i see both sides digging in. you've just played the president saying i want that rate hike. the republicans are saying mr. president, we'll give you the revenues, but not through a rate hike, but the president believes he won the election and he's upped the ante. says he wants twice as much in tax revenues than a year and a half ago, so the president believes he has the higher ground. i think maybe the democrats have a deeper tr
a sense of europe. they have got to find a way to work out all of their differences to save the euro. i believe they will. you can see it and feel it. they will find a way. they will muddle through, but they will find a way to get it done. these countries are also looking to us. test included a discarding of the old nation of communique's on issues about which we disagreed and patched over with language that was always misinterpreted and establishment of the arms control, human rights and -- human rights, arms control, regional issues and bi-la salle rail -- bilateral issues. it meant we didn't trade one interest for another. it was interesting how quickly people would say if the soviet union does something we don't like let's make them pay with a u.s. interest. as we got away with that with the new negotiating approach and made our way to geneva, we arrived with some sense of things being very different in the soviet union. one of the preparatory trips we had met with the one member who said, you know, as new leaders when we got to be in charge the cupboard was bare. i'm not sure a lot
about europe. emerging markets, but have you a big exposure to europe. stock markets going up, but no economic activity to speak of. is that where the economic activity not picking up yet for you guys either? >> yeah, when you look at last season, the last lawn and garden season, it was down somewhere in the neighborhood of 15%, the market overall, and that was really reflective, obviously of decreased consumer spending and people feeling a lot of the impacts of macro economic conditions in europe. as we look forward, into europe, into this next season, we're calling it flat, simply because there are is so much uncertainty going on over there with how they solve economic problems. at the same time, geographic diversification is really important for us, especially in emerging markets. last week, friday, we closed on a deal down in brazil, one of the key markets we look at from an emerging market standpoint, a company by the name of bronco, which does a lot of high-end equipment, commercial type equipment for the brazilian market and we think that will be a really strong market
the difference between the u.s. and europe has produced almost no innovation. we produce almost all of it. we pulled their growth rate up because of the success in the united states. >> eliot: jeff, i'll get to you in ten seconds. if taxes were 100%, people would theoretically sit at home. when we're talking about a rise from 35% to 39% -- >> they sit at home in europe. >> eliot:, here we have a database to say what has happened when we move them marginally from 35% to 39.6%. they were created when the rates were at 39.6%. i don't see the causation. >> i think your viewers have to be very aware of the nature of these academic studies. there have been leading economists who have looked at this inside and out. the congressional research service, i believe was asked by the republicans to take that down. they cannot find a correlation between higher tax rates and slower economic growth. just let me finish, okay? clinton raised the tax -- people like feldstein and barro to do the arithmetic will undermine economic growth, be pr
they are developing. in southern europe, northern europe or different forms, in northern europe, the government believes in a strong social safety nets, believe in paying for health care, believe in playing a role in determining what businesses succeed or fail and yet those governments have budgets that are balanced and growing faster than we are and creating more jobs than we are. we have to be a little bit careful when we as we sometimes do in the united states that are high horse and say we understand capitalism, actually what is going on in the world is a competition between different versions and if our version produces more in the quality and less growth is seen as less fair, and others are seen as more fair and are producing more growth, who do you think is going to win that argument? >> host: a lot of people would say the northern european countries are socialist. is socialism a term that is outdated? >> guest: i think it is. let's take an example that is big in the election campaign. car companies going bankrupt during the last cycle, america is the big capitalist country didn't have a
. the seven years war changed the map of the world shifting national borders in europe, in africa, in india, and elsewhere. it leveled thousands of towns and villages in europe. killed or maimed more than a million soldiers and civilians, and bankrupted a dozen nations including england and france. remember, it started in britain's north american colonies, and the british government and british people naturally thought british subjects in british north america should share the costs of the war with their fellow citizens in britain. in fact, the government raised property taxes so high in britain that farmers rioted in protest and demanded that americans pay their fair share of the war. in 17 # 64, the british government extended to the colonies a stamp tax that everyone in britain had been paying for more than 70 years. it amounted to next to nothing for the average citizen, a pepny or two or a stamp attached to legal documents, publications, and the packages of non-essential products like playing cards. the harshest effects of this tax, however, were on members of three powerful special in
are you able to do so well in europe compared to america? is that just an example of you weren't disciplined in europe and you got a lot of business? i'm trying to understand. europe is harder right now than america. >> exactly. that underscores the point that what we do nobody else can do. we want to make the offer when your wallet is out of your pocket not six months after you leave the store. you can go look in the filing cabinet that oracle or s.a.p. or microsoft has and that's the 20th century. we're all about doing things in realtime. we make you that offer when your wallet is out and your credit card is in your hand. nobody else can do that. that's a universal big data realtime problem that only tibco can solve. >> you mentioned oracle and s.a.p. and analysts that i checked in with say that ibm has come on very strong. >> ibm is our strongest competitor. we beat them every single time in terms of technical performance. they do have strong relationships and at the end of the day we have to be three years ahead of the competition and we believe we are. >> okay. you had 25
at that and said, you know, this is not too dissimilar from where europe was in the early 1970s. europe grew at about our rate after world war ii. we were pretty much in line until the early to mid '70s, and then all of a sudden they took a significant step down and never caught back up. and they were on a lower growth trajectory. they had taken a ten down and were on a lowerrer growth trajectory. so year after year after year that gulf between us and europe got wider. it's now about 40%. that's a pretty significant gap. we're looking at, you know, just to get back to lucas' chart, we're looking at the beginning of that for us. and we say if we don't get back to ha growth, we could look at -- to that growth, we could look at europe and say that's our future. and since we have the ability to look at what's happening around the world, we can say that's not the future we want. and nothing concentrates the mind like a crisis. or like people being unemployed. i would say 8% unemployment is a crisis in this country. and, you know, i think what you'll see in washington after the politics is done in
. tavis: the last time we talked was on my radio program, and you took off to go to europe. i am at my house on line and a headline pops up that says marcus miller in fatal switzerland bus crash. i am at my house, and i screamed. i had just talked to you, i had seen you days prior. i could not believe you had died in a bus crash. the driver of the bus did die. what was going on in switzerland. >> we had just finished and monte carlo, the jazz festival. at the show, we had a long trek to holland. that is about 3:00, 4:00 in the morning. i am starting to come up, and i feel like it is vertigo. the impact causes the bus to fall on its side. from all the people here, crashing into people, it was pretty crazy. after a while, the rescue workers came and got us. the guy was like 23 years old, these guys that are amazingly talented. i was terrified. i thought it would prevent them from playing or whatever. ours is going from guide to die. let me see you move your lips. where is the other driver? he did not make it. it was horrible. in my situation, it is really difficult. i was glad that the o
for 2012, up the russell 2000 up 12 percentage points, the s&p up 31, -- s&p up 11. but it's europe, europe actually ended up looking pretty darn good. germany up 30%. i mean, i look at that, and i say all of the fear that was out there including the euro stocks, 600 did unbelievably beautifully. and you say, my goodness, if you went toward the worst, most fearsome place, europe, you would have done way better than here in the u.s.. >> yeah, absolutely. well, it's like everything that happens in nature as well as the markets and the equity markets. when things get stretched too far one way, they will come back to a happy medium. we saw that in the equity markets this year. they were the best performing asset classes of all the places you could put your money, and it's not without knowing what's going on when you had unprecedented types of money flows coming from central banks around the globe, that money had to go somewhere. the u.s. market has performed very well. by the time we get done today, especially on the fiscal cliff talks, we're going to be up about 14% in the s&p 500. the leaders
anyone else. central europe last year, budapest, the czech republic had gone from a leading country in central europe, leading the region in laws and in the constitution of equality 16 years ago to a complete reversal today. it's got one of the worst records today of the deprivation of rights of women, roma people, jews, and lgbt people. sound familiar, that grouping? i was not prepared for what i was going to find in budapest. i was not prepared for the thousands ofneo nazis and state sanctioned militia that would meet a couple hundred marchers, thousands of them. * there was one young man, 21 years old, young hungarian, who would be the only person to go on tv with me, only hungarian, malan would take a blow horn and walk through the streets against families that hated us, and he walked and he shouted and he kept the morale up as we were walking against this sea of people who didn't like us because we were representing the inclusion and diversity that we so much cherish here. he was inspired by the story of my uncle and he said to me, do you think this is how harvey felt? and i sa
the economic outlook amid uncertainties in europe and china. >>> some encouraging words from france's central bank chief about the eurozone economy. he says it's gradually regaining market confidence. bank of france governor christian noyer spoke in tokyo on monday. he said concerns over europe's debt crisis have now eased somewhat. >> the ures financial situation has improved over the past few months. long-term bond yields are long-term bond yields are falling sharply in spain, for instance, and showing positive signs, among others, that point to a gradual return of confidence to the euro area. >> noyer noted borrowing costs for spain, france and other countries in the region have declined that he pointed out is due in part to a european central bank program to buy bonds of debt-ridden nations. the governor also said a stable bond market is necessary for every central bank to implement effective monetary policy. >>> most nuclear powers plants in japan are offline after last year's disaster. another energy-saving campaign is now under way to avert power shortages this winter. the government a
ownership. look at europe and the rest of the world. we are way, way out there. we have the highest murder rate in the world. >> abbey, here is what they say to me. each time it is the same debate and nothing gets done about it. 300 million guns and you have between 11 and 12,000 guns and murders a year. britain has 35 as does germany and australia. to countries that have strict gun kcontrol have little gun murder. i think carole had it right. she said it is about personal responsibility. that is the most important part. it is a difficult one. people are going to have an oh w pinion about it. we have to make sure that they were -- wanted the american people to feel protected about the british at the time. i don't think people should be able to go online and buy guns. there should be rules in place on background checks. our country is founded on these freedoms. i totally respect the constitution by the way. what i don't respect is what i don't respect is the interpretation of the letter of the second amendment of the constitution which i think is being misused to endorse everyone in america
-hour drive over the mountains and down into europe's fun-in-the-sun headquarters, the costa del sol. i find this strip of mediterranean coastline generally overbuilt and very commercialized. malaga, the major city of the coast, is a good place to pass through. and almost anything even resembling a quaint fishing village is long gone, replaced by time-share condos and golf courses. the big draw is the beaches. there are plenty of hotels, and sun worshipers enjoy themselves in spite of the congestion and lack of charm or local culture. nearly every country from europe's drizzly north tucks an expatriate community somewhere along this coast. they don't want to leave their culture, just their weather. my favorite costa del sol stop is the resort town of nerja. while capitalizing on the holiday culture, nerja has retained some of its charm. the church fronts the square, which fronts the beach, and everybody's out strolling, eventually winding up on the proud "balcony of europe" terrace. this bluff, jutting jauntily into the sea, overlooks miles of coastline. a castle occupied this spot for centu
't export to europe. but instead of talking about that, he lashed out an audience that was almost all jewish, he lashed out on him and he said you are a must stop making interest of the lead to a hitler from the great dictator, as he stopped making and a german, and i hit local antinazi films, you are going to cause the next war millions of american boys aren't bickel and blood will be spilled and will be the worst outbreak of anti-semitism that this world has ever seen because everybody is going to win a remedy in this country is going to blame the jews. by 1940 he was a total absolute praia nobody wanted to touch him. nobody could join the first immunity and sign up with lynn burba but he didn't want to do that because he knew that if he did that, there would be no place in politics for his children ever, ever, ever. so he didn't. he stayed quiet. the marrec was part of the stories, the part i'm not going to be able to tell you the you will have to read in 1940 he was the kennedy name was dirty. it was dirt among the isolationists because kennedy didn't come out against roosevelt. again be
europe slip into the mediterranean. and so also given other asset classes equities appear to be relatively attractive. >> let's talk about that, actually. because did you ask the people that you survey what are the best asset csse and stks got-- was at the top of the list. let's look at the list here, followed by precious metals, commodities, bonds and cash at the bottom of the list. tell us a little bit pore about those rankings from investment managers? >> sure. and these are charter financial analysts that we survey, our members. they spend their time in the markets investing. and compared to last year, there is more pessimism about the prospect it's for bonds, for fixed income given the very low nominal level of yields. and also for cash where basically you cat get any return. equies we the clear favorite with over 50% of our respondents saying that they would be the best asset class. >> there is still some pessimism about europe, primarily coming from respondents, our members there. but there's more open coming from-- optimistic from charter financial analysts who are
the world. the u.s. is a heavy user of credit products. europe is a distant second. it gives you a backdrop of the credit availability. this gives you some backdrop that the markets in the united states have come back to an extent if you look at the various asset classes. not as many people buying cars. the market is functioning. most of the student loans are going under the government's balance sheet. different loan obligations -- this data is a little bit old. $50 billion and that market is rapidly returning. this is the slide that everybody talks about, the dramatic change in how mortgage credit is made in the united states over the past six years. securitization of volumes have gone up by $300 billion in the past six years. private credit is a huge volume. $700 billion put through the private label security system. $22 billion is overstating it. of all the slides i have, this is the most telling about where the credit is coming from. it's coming to fannie and freddie and fha. 90% of loans are effectively being guaranteed by the government. it is not just a u.s. phenomenon. europe does n
of uncertainty. so you have china engineering a soft landing and starting to recover. you have europe away from the brink. greece got upgraded today. who would have thought it. that is what the market is looking at. saying okay. it is not going to be the worst kcase sharcenario, but you coul extend the middle class tax cuts and be done with it. it is in a recession. >> and i think the market would not like that very much. everybody is expecting that you get the middle class tax cuts done. >> and if you can get china and europe doing better. it is hard to be terribly bearish on the u.s. >> y are going to stay with our politico expert. this is a rally that has surprised experts. it hasn't been that easy to be optimistic. >> it is. i think you have to be cautious here. the probability that this could fall apart is very, very real. >> so, you have to be careful up at these levels as a trader. i have low exposure up here. i have protection. that is how you have to play this market. stay with us please. >> yesterday it looked like washington was inching towards a deal. but today, plan b could be sign
and liquefied petroleum gas. and by region exports to europe tumbled nearly 20%. the debt crisis has dampened demand there, and exports to china fell 14.5%. chinese consumers are shying away from japanese goods due to ongoing territorial dispute. >>> japanese university students are busy trying to land a job in an economy that's not proving that welcoming. the japanese firms hire them en masse before they graduate. and third-year students started their job hunting in earnest this month. before most looked for jobs at big firms, but that may be changing. nhk world's shio tanaga tells us more. >> reporter: more than 100 students crowded into this recruitment seminar in tokyo. the company publishes free magazines an has only about 400 employees. until recently small firms such as this one often struggled to attract any students to seminars at this university. nami kitajima has been looking for sales work. she says she doesn't care about the size or fame of the company. >> translator: i'm not looking at how big the firm is. the issue is whether i can gro personally through the company. >> reporte
many issues. for example, we're still trying to figure out europe and the depth and duration of that economy. that's just one of many. clearly i don't need another challenge coming from the uncertainty around the fiscal cliff. >> susie: you do a lot of business in china, and you're very bullish on china. can your business in china offset any during you might have in your business from what goes on in the u. economy? >> probably not. i'm bullish in the auto business and the building trades, but that is not going to be enough to offset the fiscal cliff, and we're going to have to manage europe at the same time. >> susie: let's say there is no deal and the u.s. economy really slows down, or as some people say could go into a recession, how are you preparing for that possibility? >> we're trying to make those investments that are strategic, and holding back on our hiring because we don't know the growth rates. we're probably looking at the different ways to duce our poits from a logical standpoint, and we're trying to pull every lever to give us some latitude and leverage. >> sus
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